DLF sells 4.67-acre Chennai land parcel to Cholamandalam for Rs 735 crore

Listed real estate developer DLF Ltd has sold 4.67 acres of land to Cholamandalam Investment and Finance Company Limited in Chennai for Rs 735 crore, the company said in a regulatory filing.

“We would like to inform that DLF IT Offices Chennai Private Limited, a
wholly-owned subsidiary, has undertaken strategic sale of land owned by it,
admeasuring 4.67 acres or thereabouts, situated at Chennai District, to Cholamandalam Investment and Finance Company Limited,” DLF said in a regulatory filing on March 13.

The company said that the size of the land deal is Rs 735 crore. The registered sale deed and other transaction related documents were received by the Company on March 13, 2024, it said.

According to sources, the land is located near Madras Race Club at Guindy in Chennai and it can be used for the residential as well as mixed land use purposes.

DLF on January 24 had reported a consolidated net profit of Rs 649 crore in the third quarter of this fiscal, up by 26 percent YoY. The realty major recorded highest quarterly sales booking of Rs 9,047 crore backed by multiple launches during the quarter.